Interpublic Increases Common Stock Dividend by 27% and Announces New $300 Million Share Repurchase Program
New York, NY - February 14, 2014 - Interpublic Group (NYSE: IPG) today announced that its Board of Directors has declared a quarterly dividend on IPG common stock of $0.095 per share, payable on March 17, 2014 to holders of record at the close of business on March 3, 2014. The increase in the dividend from $0.075 to $0.095 per share represents a 27% increase in the Company's quarterly dividend.
Additionally, the company's Board of Directors authorized a new program to repurchase, from time to time, up to $300 million of IPG common stock. The authorization under the new program is in addition to any amounts remaining for repurchase under the program announced in 2013. Repurchases under the new program may be effected through open market purchases, trading plans established in accordance with SEC rules, derivative transactions, or other means. The timing and amount of repurchases under the authorization will depend on market conditions and the company's other funding requirements. The share repurchase program has no expiration date.
Michael I. Roth, Chairman and CEO of Interpublic Group commented, "The authorization of a 27% increase in the dividend and a new $300 million share repurchase program demonstrates our company's ongoing commitment to returning capital to shareholders while continuing to invest in our business to support growth. It further signals our Board's confidence in our business outlook."
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About Interpublic
Interpublic is one of the world's leading organizations of advertising agencies and marketing services companies. Major global brands include BPN, Draftfcb, FutureBrand, GolinHarris International, Huge, Initiative, Jack Morton Worldwide, Lowe and Partners, MAGNA GLOBAL, McCann, Momentum, MRM, Octagon, R/GA, UM and Weber Shandwick. Leading domestic brands include Campbell Mithun, Carmichael Lynch, Deutsch, Gotham Inc., Hill Holliday, ID Media, Lowe Campbell Ewald, Mullen and The Martin Agency. For more information, please visit www.interpublic.com.
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Contact Information
Tom Cunningham
(Press)
(212) 704-1326
Jerry Leshne
(Analysts, Investors)
(212) 704-1439